Van ECK Associates Corp cut its stake in shares of Reliance Steel & Aluminum Co. (NYSE:RS) by 19.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 87,098 shares of the industrial products company’s stock after selling 21,092 shares during the quarter. Van ECK Associates Corp owned 0.12% of Reliance Steel & Aluminum Co. worth $6,342,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. lifted its holdings in shares of Reliance Steel & Aluminum Co. by 11,996.1% in the first quarter. BlackRock Inc. now owns 6,681,296 shares of the industrial products company’s stock valued at $534,635,000 after purchasing an additional 6,626,061 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Reliance Steel & Aluminum Co. by 27.8% in the second quarter. Victory Capital Management Inc. now owns 2,718,818 shares of the industrial products company’s stock valued at $197,957,000 after purchasing an additional 591,272 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Reliance Steel & Aluminum Co. by 42.6% in the first quarter. Wellington Management Group LLP now owns 1,777,396 shares of the industrial products company’s stock valued at $142,227,000 after purchasing an additional 531,364 shares in the last quarter. Pioneer Investment Management Inc. purchased a new stake in shares of Reliance Steel & Aluminum Co. in the second quarter valued at $22,470,000. Finally, Alliancebernstein L.P. lifted its holdings in shares of Reliance Steel & Aluminum Co. by 372.1% in the first quarter. Alliancebernstein L.P. now owns 344,917 shares of the industrial products company’s stock valued at $27,600,000 after purchasing an additional 271,863 shares in the last quarter. 82.50% of the stock is owned by institutional investors and hedge funds.

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A number of research firms have recently issued reports on RS. Jefferies Group LLC restated a “hold” rating and issued a $72.00 target price on shares of Reliance Steel & Aluminum Co. in a report on Wednesday, July 19th. BidaskClub upgraded Reliance Steel & Aluminum Co. from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 13th. Deutsche Bank AG restated a “buy” rating on shares of Reliance Steel & Aluminum Co. in a report on Saturday, June 24th. Cowen and Company set a $92.00 target price on Reliance Steel & Aluminum Co. and gave the company an “outperform” rating in a report on Thursday, July 27th. Finally, KeyCorp restated an “overweight” rating and issued a $81.00 target price (down previously from $85.00) on shares of Reliance Steel & Aluminum Co. in a report on Monday, June 26th. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company’s stock. Reliance Steel & Aluminum Co. currently has a consensus rating of “Buy” and an average price target of $83.00.

Shares of Reliance Steel & Aluminum Co. (NYSE:RS) opened at 74.35 on Friday. Reliance Steel & Aluminum Co. has a one year low of $65.10 and a one year high of $88.58. The company’s 50 day moving average price is $72.14 and its 200 day moving average price is $74.87. The stock has a market capitalization of $5.42 billion, a price-to-earnings ratio of 16.77 and a beta of 1.23.

Reliance Steel & Aluminum Co. (NYSE:RS) last announced its earnings results on Thursday, October 26th. The industrial products company reported $0.84 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.29 by ($0.45). Reliance Steel & Aluminum Co. had a return on equity of 8.67% and a net margin of 3.57%. On average, analysts expect that Reliance Steel & Aluminum Co. will post $5.16 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, September 8th. Investors of record on Friday, August 18th were paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date was Wednesday, August 16th. Reliance Steel & Aluminum Co.’s payout ratio is presently 40.54%.

Reliance Steel & Aluminum Co. Profile

Reliance Steel & Aluminum Co is a metals service center company in North America (the United States and Canada). As of December 31, 2016, the Company’s network of metals service centers operated over 300 locations in 39 states in the United States and in 12 other countries (Australia, Belgium, Canada, China, France, Malaysia, Mexico, Singapore, South Korea, Turkey, the United Arab Emirates and the United Kingdom).

Institutional Ownership by Quarter for Reliance Steel & Aluminum Co. (NYSE:RS)

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